advance income tax & interest u/s 234 A B & C

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Ashok (Querist)
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21 June 2010 i have tax liabilites of Rs 17720 & tds deducted upto 31.03.2010 Rs. 12738 Net tax payable as on date Rs. 4982/- is any interest payable U/s section 234 (A,B & C)

Return yet to be filed & no self assessment tax paid, tax payable Rs 4982 against FY 2009-10

why interest is payable u/s 234 as tax payable is less than 10000 & if interest payable what is calculation of interest

Thanks
Ashok

Thanks
Ashok

daya shankar singh

daya shankar singh (Expert)
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21 June 2010 You also provide the detail of date of return u file, self assessment tax( if any paid by u) and any advance tax paid by u or not
Then only the exact figure of interest can be calculated.

Ashok

Ashok (Querist)
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daya shankar singh

daya shankar singh (Expert)
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21 June 2010 In 234A interest is payable only in case late return filing. So it is not applicable in ur case
Under 234B, the interest amount shall be levied @ 1% from 1-4-2010 to the date of return filing
UNder 234C ,the interest amount is 185

Ashok

Ashok (Querist)
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21 June 2010
Ashok
( Author )
21 June 2010

i have tax liabilites of Rs 17720 & tds deducted upto 31.03.2010 Rs. 12738 Net tax payable as on date Rs. 4982/- is any interest payable U/s section 234 (A,B & C)

Return yet to be filed & no self assessment tax paid, tax payable Rs 4982 against FY 2009-10

why interest is payable u/s 234 as tax payable is less than 10000 & if interest payable what is calculation of interest

Thanks
Ashok

daya shankar singh

daya shankar singh (Expert)
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21 June 2010 For determining advance tax we should concerned about the income tax liability not the amount of tax payable. So the interest of 234 is applicable on u.
THe interest amount is mention above
Calculation is as follows:-
234A - no interest
234B -1% *4982*period (1apr 2010 to date of return filing)
234C - 1% *3mth* (4982*30%)+ 1% *3mth *(4982*60%) + 1% *1mth*4982